Best NYC Payday Loans

Payday loans allow you to quickly get cash even if you have bad credit. The amount that you can borrow can vary. However, many people who apply for a payday loan are able to borrow up to 1,000.

Why People Need Payday Loans

Most people have found themselves in a situation where they needed to get cash quickly. That is why many people turn to payday loans. A payday loan is exactly what it sounds like. It is a short-term loan that is designed to cover your expenses until you get your next paycheck.

The terms of a payday loan can vary from lender to lender. However, most lenders require that you pay the loan back within 30 to 45 days. If you need to take out a loan for a longer period of time, then it is a good idea to take out an installment loan. An installment loan is taken out for a longer period of time.

One of the reasons that payday loans are popular is because lenders do not require a credit check. Bad credit is one of the things that have stopped many people from getting the funding that they need.

Frequently Asked Questions About Payday Loans

Will I Be Able to Get a Payday Loan if My Credit Isn’t Good?

Your credit does not matter. Payday lenders rely on other criteria in order to decide whether you can get a payday loan. If you have a sufficient source of income, then you will likely be approved for a payday loan. There are also websites that allow you to submit your application to multiple lenders at one time, which will greatly increase your chances of being approved.

How Will I Know if I Have Been Approved?

It will only take you a few minutes to fill out your application. In most cases, you will know whether you have been approved the same day. You can fill out the application online. You also won’t have to worry about faxing anything to your lender. Additionally, you may be able to have your funds the next business day.

Will I Get Approved for a Payday Loan?

In order to get approved for a payday loan, you must be at least 18-years-old. You must also have a checking account and a regular source of income.

Why Would Someone Get Denied a Payday Loan?

The vast majority of people who apply for a payday loan will get approved for it. However, there are several reasons that someone may get denied. For example, if one does not submit the correct information, then they may get their application denied. A person who does not have a checking account or employment information may also get denied.

How Much Is the APR?

The Annual Percentage Rate, or APR, can vary greatly. Payday loans are known for having higher interest rates than other types of loans.

Be A Wise Borrower

Although payday loans can help you if you need money quickly, it is important for you to be a wise borrower. Keep in mind that payday loans are not considered a solution for long-term financial problems. You will also need to make sure that you make your payments on time.

Why Payday Loans Are A Good Choice

Many people choose to charge things to their credit card when they need quick funds. However, this can cost you a lot more in the long run. You may accumulate a large balance, and you will end up paying more in interest. Payday loans are quickly paid back whereas people who use credit cards often make the minimum payment.

Some people may also choose to overdraw their account if they have bills that they need to pay. However, you will be charged multiple fees if you overdraw your account several times. That is why it can be difficult for you to get out of debt. You can avoid overdrawing your account if you take out a payday loan.

How to Protect Your Credit Score

Your credit score probably will not be affected if you apply for a payday loan. However, it is important to note that your credit score does go down every time that you get a hard inquiry on your credit report. Lenders will check your credit if you apply for the typical personal loan. Your credit score will drop by a few points every time that you apply for a new loan.

The best way that you can protect your credit is by making payments on time. Your payment history is one of the main factors that determines your credit score. If you get a payday loan, then you will have an easier time paying your bills. It is important to note that if you make a payment late, then you will have a negative mark on your credit report.

How Do Payday Loans Work?

Storefronts and websites for payday loans appear popular. Despite the prevalence of these lending houses, many people remain confused over what these “cash advances” are. Basically, a payday loan is a form of short-term lending for limited amounts of money. A lender may offer a loan for as little as $100 to a maximum of $1,000. Other lenders might provide less or more, but there is one common thread among all lenders: the loan becomes secured by an upcoming paycheck.

Loans for Emergencies and Shortfalls

People run short of money at times. Unexpected expenses can drain funds quickly. For someone living from paycheck to paycheck, covering unavoidable medical bills, car repairs, travel expenses, and more can be impossible without credit. The person, however, might not have access to a credit card, or his/her accounts might be maxed out. Others can’t receive approvals for traditional personal loans due to bad credit. Payday loans become the only available option for them. A payday lender becomes more likely to approve a loan since the applicant’s next paycheck covers the loan. Approvals, however, are granted on a case-by-case basis. The requirements for approval, in general, are not too strict.

Repayment Terms on the Loan

Payday loans come with relatively high interest rates. Often, there are additional fees involved, as well. Paying the loan back as quickly as possible reduces interest charges. The duration to pay back the loan may be within one or two weeks. Extensions might be possible, depending on the lender. Those interested in slightly longer loan terms can look at lenders offering 30 to 45-day terms. Even lengthier installment loans may be available.

Once again, the Annual Percentage Rate (APR) on a payday loan is much higher than a typical credit card or personal loan. Paying the loan back as fast as possible becomes necessary to save on interest costs. Be aware that the costs associated with payday loans could be less expensive than overdraft fees, and the interest drawn from continually carrying credit card balances month-to-month.

Failure to repay the payday loan usually leads to collection action. The lender may try to deal with the borrower directly at first. If the lender finds the borrower doesn’t pay, the debt could get a referral to a collection service. Collection actions typically go hand-in-hand with negative reports to the credit bureaus.

Qualifying for the Loan

Once again, each lender has its policies regarding application approvals. Maintaining a checking account stands as the likely most common requirement among online lenders. After all, the lender must deposit the funds somewhere. Of course, someone applying for a payday loan must have a job. Sometimes, the lender requires the applicant to prove a minimum number of weeks employed at the workplace. Other requirements include being at least 18 years of age and a United States resident.

Fears of being turned down due to bad credit weigh on many applicants’ minds. There might not be any reason to worry.

A significant number of lenders are willing to approve someone with bad credit. There is a misconception that the lender will not perform a credit check. A lending institution could perform a hard or soft credit check, with the soft credit check not affecting a credit score. That said, the individual lenders have their policies and could report the loan transaction, payment history, and more to the three credit rating bureaus.

Generally, someone with bad credit should be able to locate a payday lender willing to approve his/her loan. A large number of payday loan applicants have troubled credit histories, so financing companies realize they will be dealing with applicants suffering poor credit. Many lenders publicize a policy that they accept “bad credit borrowers” as a way of drawing in their business.

Completing the Application

Applicants must be careful when filling out a payday loan application. Typos or other errors could lead to a denial. The applications aren’t usually complicated, and completing one might take only a few minutes. A lender could require an applicant to submit additional information via fax, while another one won’t. Again, policies vary from one financing office to another.

Applying online involves clicking the appropriate button. The application then goes to the lender for a review. A decision could occur within minutes. If approved, the time to deposit the funds into a checking account varies. One to two business days is common.

Working with a Third-Party

Finding the best payday lender with the best terms and a desire to approve an application can be tough. Third-party services exist to handle these tasks on behalf of applicants. The services work with a network of payday lenders. The applicant applies with the service, and the service forwards the information to a suitable lender.

Overall, payday loans follow a straightforward process: someone borrows against future earnings. The simplicity of payday loans makes them preferable short-term borrowing options for many.

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